BlackRock Buys 12-Megawatt Wind Farm in Southwest England

Sept. 9 (Bloomberg) -- BlackRock Inc., the world’s largest
asset manager, acquired a 12-megawatt wind farm in southwest
England as part of a long-term partnership with Renewable Energy
Generation Ltd.

BlackRock bought the project in Goonhilly Downs, Cornwall,
for 25.1 million pounds ($39.4 million), REG said today in an e-mailed statement. BlackRock confirmed the acquisition from REG.

The asset manager has previously acquired wind projects
from St. Helier, Jersey-based REG, buying the 10-megawatt
Sancton Hill and 6-megawatt South Sharpley ventures in January.
That accord allowed BlackRock to buy future REG plants, enabling
the wind-farm company to fund growth.

REG has 38 megawatts of projects with planning consent and
140 megawatts awaiting approval, the statement shows. It will
receive 10.6 million pounds in cash from the latest sale and use
it to accelerate the construction of new facilities. BlackRock
will assume 14.5 million pounds of project debt under the deal.

The U.K. is promoting wind parks as it pursues a target to
get 15 percent of its energy from clean sources by the end of
the decade, up from about 9.4 percent now. Britain provides
premium payments for renewables by requiring power suppliers to
buy a portion of their electricity from low-carbon generators.